Balanced Budget Essay Research Paper Balanced BudgetThomas — страница 3

  • Просмотров 369
  • Скачиваний 9
  • Размер файла 17
    Кб

benefits are a necessity for the economic survival of our country in the future. Balancing the budget also prevents a need for the government to tax Americans more. With a budget deficit, the government may have to seek more money from its people in order to fund its budget; however, with a balanced budget, this is not necessary. First of all, taxes are already very high on Americans, and therefore, any policy that might lower taxes would be beneficial. According to a Tax Foundation study, “State and local taxes claimed an astonishing 38.2 percent of the income of a median two-income family making $55,000 up from 37.3% in 1996 Federal taxed under President Clinton consumed 20 percent of America’s entire gross domestic product in 1997 The average American family today spends

more on taxes than it does on food, clothing, and housing combined” (Grams S882-884). With taxes already this high, the government ought to try to lower the tax burden on the public. By creating a balanced budget, the government can work toward reducing the national debt which will lower the amount of money paid on interest, which will lower the amount of money the government needs to collect through taxes. In conclusion, the budget deficit causes harmful problems, such as an additional trade deficit and a large national debt, that need to be reduced. In addition, a balanced budget would help failing social programs and alleviate the tax burden place on U.S. citizens but creating a surplus and lowering the national debt. It is also very feasible for the government to take this

course of action because, with the increased tax revenues, the government can balance its budget without raising taxes and/or cut government spending. Works Cited Bartlett,Bruce. “Bartlett’s Notations: Having Budget Surplus May Enhance Growth.” Detroit News, 2 Mar 1998, p.6 Bartlett,Bruce. “Bartlett’s Notations: New Budget Challenge: Keeping Books Balanced.” Detroit News, 19 Jan 1998, p.8 Brownstien, Ronald. U.S. News and World Report. 23 Mar 1998. P 1. Congressional Research Service, Entitlements: Brief Descriptions of Largest Programs, 17 Feb 1994. Ginsburgh, Justin. On-Line. Available [http://www.enteract.com/ jgins/budget.htm] Grams, Rod. “Why We Must Return Any Budget Surplus to the Taxpayers.” Congressional Record. Daily ed. 24 Feb, 1998, p. S882-884. Hatch,

Orrin G. “Balanced Budget Amendment to the Constitution.” Congressional Record. Daily ed. 10 Feb 1997, p. S1152-1187. Huntington, Samuel P. “The Erosion of American National Interests.” Foreign Affairs. Sept-Oct 1997, p.28-49. Hutchinson, Kay Bailey. “The Budget.” Congressional Record. Daily ed. 5 Feb 1997, p. S985-988. Koretz, Gene. “Economic Trends.” Business Week. 19 Jan 1998, p. 1. Krugman, Paul. The Age of Diminished Expectations. The MIT Press, Cambridge, Massachusetts, 1997.